Hilliard Lyons and Hilliard Lyons Trust Company have become wholly owned subsidiaries of Baird, an employee-owned, international wealth management, asset management, investment banking/capital markets, and private equity firm with more than $200 billion in client assets. The transaction, which was announced in November, has now closed. As a result, all of Hilliard Lyons’ financial advisors and associates are now a part of Baird. Terms of the deal were not disclosed.
Established in 1854, Hilliard Lyons is one of the nation’s oldest financial services firms. Hilliard Lyons and Hilliard Lyons Trust Company are both headquartered in Louisville. Together they offer wealth management, trust and estate planning services, as well as select investment banking, municipal finance, and asset management services. Both companies combined had over $50 billion in client assets as of Sept. 30, 2018, their fiscal year end, and 2018 revenue of more than $280 million.
Baird, which was established in 1919 and is celebrating its 100th anniversary, had revenues of $1.78 billion in 2018, its ninth consecutive year of record results. The overwhelming majority of Hilliard advisors – representing nearly all of Hilliard’s wealth management revenue – agreed to join Baird. As a result, Baird’s wealth management business now encompasses approximately 1,300 financial advisors serving clients from over 170 offices in 34 states.
“This is a defining moment for both Baird and Hilliard Lyons, as we join forces to accelerate our collective success and importantly, the success of our clients,” said Paul Purcell, Chairman of Baird.
Andy Johnston joins Heritage Bank
Heritage Bank has appointed Andy Johnston (NMLS# 436805) to their Commercial Lending team. He’ll operate out of the bank’s branch in Independence.
Andy Johnston
Johnston has over 18 years of experience in commercial and consumer lending, financial portfolio management, and bank branch management operations in the Greater Cincinnati – Northern Kentucky region. Prior to joining Heritage, he served as Assistant Vice President & Small Business Specialist for BB&T in Florence.
“Andy comes to Heritage with the sort of talent and commercial lending acumen that we’re always looking to add to our Heritage family,” said Heritage President & CEO, Lytle Thomas.
In addition to graduating Northern Kentucky University with a Bachelor’s degree in Business Management and a Master’s in Business Administration, he also served as President on the university’s College of Business Alumni Council. An avid fan of our region’s professional and collegiate sports teams, Johnston also volunteers his time as a youth athletics coach, plays golf and enjoys hunting and fishing.
